Accounting & Bookkeeping

How to make bank rules in Quickbooks

How to make bank rules in Quickbooks

Bank Rules in Quickbooks

Do you know how to make bank rules in Quickbooks?

If “No” then this blog post is definitely for you. We at Meru Accounting have a team of Quickbooks experts who will guide you to write bank rules in Quickbooks.

What is Bank Rule?

  • Automate categorization in the bank field, which comprises transaction type, payee, category, class and location
  • Used to automatically split transactions
  • These rules can be further customized in the sense that the user can prioritize, copy, edit, export and import.

bank rules quickbooks

Functions of bank rules in QuickBooks

1. Automated addition of transactions to the register
2. Splitting of transaction

Steps to apply a bank rule on transactions in QuickBooks online accounting software:

add bank rules quickbooks
In the left-hand side navigation bar, choose the ‘Banking’ option under ‘Transactions’. In the ‘Bank Rules’ tab, create a new rule by adding the required field details and click on the ‘Save button’ to apply the desired rules on the selected transactions.

However, to prevent any undesirable action to take place due to the application of bank rule, one need to take certain precautionary steps:

1. Each rule should have a payee name
2. Ensure the assignment of exact conditions and settings information for the applied rule
3. Once the rules are applied to the required transactions, check accounting entries for correction

On reassuring that proper bank rules have been created for the banking transactions, the accounting online user will experience the easiness that these rules bring to the forefront like:

1. It scans downloaded bank and credit card details in order to bifurcate transactions based on the payee and other subcategories.
2. It also provides for an automated split in a transaction based on a percentage or amount.

In this way, we use bank rules in QuickBooks in automating banking in online mode. It helps in improved automation in the way an accounting user can control accounting entries and thereby acts as a time saver.

How to make bank rules in Quickbooks Infographics

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